The High Yield Market is "Completely Out of Control."

(via www.distressed-debt-investing.com)

The title of this post comes from a quote from a buy side friend working at one of the largest hedge funds out there. I 100% agree with his assertion. Howard Marks also agrees (see his most recent letter here: http://www.oaktreecapital.com/MemoTree/Ditto.pdf). He writes:

"Regardless of the...

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